Navigation
”crude

Nymex Crude oil Distribution phase



NYMEX crude oil rallied nicely in February and March. After hitting a high of $42.49, it witnessed a short term correction, which found support near the junction of 40 DEMA, daily lower Bollinger Band and the 38.2% retracement mark. Crude oil advanced once again and made another high of $50.92. However, it could not sustain at higher levels and retreated. It has now broken a crucial rising trend line and has entered a correction mode. Structurally, it seems to have formed a distribution triangle. On the downside, $45.83 and $44.11 will be the key levels to watch. On the other hand, $50 -$51.67 will act as key resistance zone on the way up.
 
Share

Shubhlaxmi

Shubhlaxmi Commodity is a Free portal where you are provided all market such as Commodity stocks futures and Currency Like USD To INR and internatinol live market prices and live charts and Free support and resistance level

Post A Comment: